Arab African International Bank (AAIB) today issued a $500 million sustainability bond, with investments from IFC, the European Bank for Reconstruction and Development (EBRD), and British International Investment (BII), to advance Egypt’s green transition and micro, small, and medium-sized enterprises (MSMEs). The sustainability bond is the first in Egypt – and the largest issued by a private bank […]

QatarEnergy has entered into an agreement with Chevron to acquire a 23% working interest in the concession agreement for the North El-Dabaa (H4) Block, in the Mediterranean Sea offshore Egypt. Pursuant to the agreement, QatarEnergy will acquire a 23% interest, while Chevron (the operator) will retain a 40% interest. The other partners on the block […]

The Ministry of Petroleum and Mineral Resources announced that the Egyptian Natural Gas Holding Company (EGAS) has launched a new international 2024 bid round for the exploration and exploitation of natural gas and crude oil in 12 blocks in the Mediterranean and the Nile Delta. This includes 10 offshore blocks and two onshore blocks, through […]

The Egyptian Government of Prime Minister Mostafa Madbouly has recently uploaded country’s major investment drive to hydrocarbon exploration by approval of temporal five petroleum exploration and production commitment agreements during. The Egyptian President took this bold investment on Tuesday being his inaugural meeting since his assumption to office. These agreements, expected to generate roughly $200m […]

IPR has announced the discovery of exploration well West AY-1X and the successful testing and production from a new formation (Kharita) in Alamein-44, adding an incremental 2,850 BOPD to the Yidma-Alamein Western Desert Development Lease. West AY-1X was drilled to a depth of 13,166 ft, utilizing a 1500 HP drilling rig. This deep multi-target exploration […]

Key Highlights of the Awards • The SUCO award in Egypt’s Gulf of Suez is for a firm 21-month term expected to start in the coming weeks. The drilling campaign will utilize a standard jackup unit from ADES’ fleet.  • The contract value from the firm term is approximately SAR 161 million.  • The new […]

SDX Energy has disclosed that it has executed a binding sale and purchase agreement (SPA) for the disposal of the Company’s West Gharib interests in Egypt. The Company also continues to progress the binding documentation for the sale of its South Disouq assets. The Company is focused on delivering shareholder value by focusing its efforts on […]

United Oil & Gas the oil and gas company with a high impact exploration asset in Jamaica and a development asset in the UK has disclosed an update in relation to Egyptian receivables. United has received a payment from Egyptian General Petroleum Corporation (EGPC) for USD $1 million. These funds will be used to extinguish the debt and leave the Company debt […]

Encouraging imaging in the pre-Messinian section is already apparent in this pseudo relief image from the early-out KPSDM full stack volume through Merneith & Luxor MC3D.The 6 175 sq. km EGY23 Merneith & Luxor survey draws on the expertise of our partners the Egyptian Natural Gas Holding Company (EGAS) and was acquired by leveraging the […]

TAG Oil  has announced a significant milestone in its ongoing exploration and development efforts within the Badr Oil Field (BED-1) with the successful completion of the drilling phase for the BED4-T100 (T100) horizontal well in the Abu Roash “F” limestone formation (ARF). The well has penetrated an over-pressured reservoir with regions of exceptional porosity and permeability. […]